Big Picture

VIX finished the week last week just above the all-time low.  There was a very large VIX spread trade using October options on Friday.  More about that trade appeared in the VIX Weekend Review - Weekend Review of VIX Options and Futures 7/17/2017 - 7/21/2017

It is a huge week for earnings, over seventy companies with Weeklys available for trading report earnings.  More about that below. 

Also, Wednesday we get the release of information that will follow a two day FOMC meeting.   Although to quote on trader on the floor, “Why are they bothering?  We all know what’s coming….nothing”.  More formally, the markets are pricing in about a 97% chance of no change in the target rate.

Overnight / Pre-Market

VIX is trading higher with S&P 500 futures off a little.  The August contract is up much less than spot VIX as the futures finished the week last week at a premium of over 2 points.  The FTSE 100 is down about 1% and Japan finished the day down 0.6%. 

Looking Forward

As mentioned there’s a very large list of stocks reporting this week.  Here’s the names for Monday and Tuesday.

Mon Tues Earnings

The full list of these stocks can be found at Earnings Week of 7/24/2017 - 7/28/2017

Next week’s list should be published either late Wednesday or early Thursday.  We will definitely note it in this space.

On Friday, before the market open, we get the first look at second quarter GDP.  The expectation is for 2.7% growth.  Keep in mind this is the first of three reports about 2Q GDP and will most likely be revised over the next couple of months.   

CBOE Webcasts

July 26th at 3:30 Central – Dan Sheridan discusses The 15-Day Butterfly in SPX

More information and registration at www.cboe.com/webcasts


Today in History

Today would be Amelia Earhart’s 120th birthday.  She was the ultimate risk taker as the first woman to fly across the Atlantic Ocean.  Just over 80 years ago she disappeared along with her aviator Fred Noonan (no relation to Danny Noonan from Caddyshack fame) somewhere in the Pacific Ocean as she attempted to fly around the world.  

Amelia_Earhart_standing_under_nose_of_her_Lockheed_Model_10-E_Electra,_small (1)